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FpML-Com Reminder: FpML Commodity Working Group call today (Friday 19 June) at 15:00 LON / 10:00 NYC

All,

Please note that there is a call today at 15:00 London / 10:00 New York.


AGENDA:

1. Minutes / Actions from last call (attached)

2. Update on FpML commodities coverage

  - Review of Commodities Coverage Matrix (attached)

3. Physical POWER

  - Minor changes to enhance shaped trades support
    + Addition of deliveryPeriods element within electricityPhysicalLeg
    + settlementPeriodsPriceStep moved within a new
settlementPeriodsPriceSchedule to allow different shaped prices per
Settlement Period

  - Multiple reference prices to support peak and off-peak pricing?

  - Review of power examples (attached)

4. AOB


Dial in details:

US: 1 888 481 3032

UK: 0 800 904 7961

Intl: 1 617 801 9600

Participant Code: 52016709


Regards,

Owen King
+44 20 7071 0137



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Attachment: FpML_4-6_WD3_plus_coal.zip
Description: FpML_4-6_WD3_plus_coal.zip

Attachment: com-ex21-physical-power-us-eei-fixed-price-shaped-volume-and-price.xml
Description: com-ex21-physical-power-us-eei-fixed-price-shaped-volume-and-price.xml

Attachment: com-ex16-physical-power-us-eei-floating-price.doc
Description: com-ex16-physical-power-us-eei-floating-price.doc

Attachment: com-ex16-physical-power-us-eei-floating-price.xml
Description: com-ex16-physical-power-us-eei-floating-price.xml

Attachment: com-ex18-physical-power-us-eei-fixed-price-shaped-volume.doc
Description: com-ex18-physical-power-us-eei-fixed-price-shaped-volume.doc

Attachment: com-ex18-physical-power-us-eei-fixed-price.xml
Description: com-ex18-physical-power-us-eei-fixed-price.xml

Attachment: com-ex18-physical-power-us-eei-fixed-price-shaped-volume-and-price.doc
Description: com-ex18-physical-power-us-eei-fixed-price-shaped-volume-and-price.doc

Attachment: FpML Commodities Coverage Matrix.doc
Description: FpML Commodities Coverage Matrix.doc

--- Begin Message --- 
* Present
Marc Gratacos, ISDA
Raphael Iyageh, GS
Owen King, Markit (Chair)
Farzad Moshfeghi, Standard Bank
Peter Stockman, DTCC
William Wise, Markit
Irina Yermakova, ISDA


* Review outstanding actions

>> ALL to find out more details on averaging-in options.
Awaiting feedback. [Carried Forward]

>> ALL to provide feedback on the physical coal questions paper.
Some feedback was received (see below) but further input would be
helpful. [Carried Forward]

>> MG to circulate the original proposal for the creation of a global
commodity underlyer.
[Carried Forward]

>> MS to distribute the physical coal questions document within DB for
feedback.
MS was not on today's call. [Carried Forward]

>> RI to find out what documentation physically-settled periodic bullion
trades are confirmed under.
RI has enquired and is awaiting feedback. [Carried Forward]

>> OK to update the CommodityForward and CommoditySwap annotations to
clarify their intended usage.
OK updated the annotations. [Closed]


* Minutes

1. Physical COAL

  - Discussion of questions document (attached).
    
OK summarised the feedback he had received to the questions document:

(1) There is no obvious reason why the ISDA confirmation template should
be restricted to a fixed price.
(3) It is not common to use units other than those stated on the
confirmation template.
(6) Several sources would normally be specified by referencing a single
"area".
(7) Periodic Performance Specifications would be included per shipment
e.g. one Unit Train load, one barge load etc.

Based on this feedback, OK proposed that deliveryAtSource be changed to
type xsd:boolean as suggested by FM. Setting this to true would indicate
the coal product could be delivered anywhere within the specified
source. If a more specific delivery location is required, the
deliveryPoint element could be used.

OK said further validation that standardQualitySchedule can adequately
represent Periodic Performance Specifications would be ideal, though the
feedback received appeared ruled out the possibility the periodicity was
relative to the observation of the quality.

2. Physical Bullion

  - The group agreed with the annotation change

3. Financial Options

  - FM and MG agreed that this section of the schema should be
re-architected to remove the enumerations from optionType that do not
make business sense ("Forward", "Payer", "Receiver", "Straddle"). OK
will put together a proposal for this.
    + Participants should note that such a change will not technically
be backwards-compatible with FpML 4.5 - please inform the group if you
have any concerns.

4. Readiness for 4.6 Trial Recommendation

  - OK suggested that work on new products in FpML 4.6 for commodities
was now complete and invited participants to begin validating the
finished schema in detail and consider their priorities for FpML 4.7.
Possible candidates include:
    + Physically-settled options
    + Emissions, though OK noted this area could change considerably
following the December talks in Copenhagen.


* Actions

[Carried Forward] ALL to find out more details on averaging-in options.

[Carried Forward] ALL to provide feedback on the physical coal questions
paper (attached).

[Carried Forward] MG to circulate the original proposal for the creation
of a global commodity underlyer.

[Carried Forward] MS to distribute the physical coal questions document
within DB for feedback.

[Carried Forward] RI to find out what documentation physically-settled
periodic bullion trades are confirmed under.

* Next meeting 15:00 UK / 10:00 US Fri 19th June 2009



The content of this e-mail is confidential and may be privileged. It may be read, copied and used only by the intended recipient and may not be disclosed, copied or distributed. If you received this email in error, please contact the sender immediately by return e-mail or by telephoning +44 20 7260 2000, delete it and do not disclose its contents to any person. You should take full responsibility for checking this email for viruses. Markit reserves the right to monitor all e-mail communications through its network.
Markit and its affiliated companies make no warranty as to the accuracy or completeness of any information contained in this message and hereby exclude any liability of any kind for the information contained herein. Any opinions expressed in this message are those of the author and do not necessarily reflect the opinions of Markit.
For full details about Markit, its offerings and legal terms and conditions, please see Markit's website at http://www.markit.com <http://www.markit.com/> .

--- End Message ---